SOURCE: SmartMetric, Inc.
NEW YORK, NY--(Marketwired - Oct 30, 2013) - SmartMetric, Inc. (OTCQB: SMME) - Speaking today, SmartMetric™ Inc. President & CEO Chaya Hendrick said Merchants in the United States are losing approximately $190 billion a year to credit card fraud -- much of it online, according to a Lexis Nexis study, "The True Cost Of Fraud." Banks lose $11 billion annually and customers loses are about $4.8 billion annually. Merchants lose almost twenty times as much as banks.
Direct Identity fraud causes a total of $48 billion in losses each year, shared among retailers, consumers and financial institutions.
The SmartMetric Biometric payments card can be used for safeguarding both online and off online retail transactions with a simple and inexpensive computer adaptor that can be bundled with the SmartMetric biometric card and also the same fraud safeguarding SmartMetric Biometric EMV card can then be used at millions of ATM and retail card reading machines around the world, while at the same time being used to safeguard consumers, merchants and financial institutions alike from fraud.
SmartMetric has developed a fingerprint reader that sits inside a person's ATM or Credit Card. It is self powered allowing it to perform a fingerprint match while a person is standing at a retail checkout or on the street at an ATM. A person simply swipes their finger across the SmartMetric sensor on the surface of the card and the card's internal computer processor performs a match with the person's fingerprint that is pre-stored in the memory of the card itself. For added security a person's fingerprint is always stored and encrypted inside the card and IS NOT stored on a banks computer. When a match occurs the card's EMV surface mounted chip is then turned on allowing a transaction at the millions of ATM and retail card machines around the world.
Banks don't have to retrofit existing retail ATM's or POS retail card readers to make them "biometric" compatible since the SmartMetric system is built around the banking industry standard EMV system.
It works using the industry standard EMV chip on the surface of the card so that the SmartMetric biometric activated card is compatible for use throughout the payments industry worldwide. EMV is an acronym for Europay Mastercard Visa and has been adopted and in use in most major markets around the world. It is now being actively deployed in the USA with all of the major card companies and their partner banks having already issued millions of these EMV "chip" cards nationally.
The Biometric activated EMV card provides absolute purchaser identity verification for both online and offline purchasing providing a paradigm shift away from traditional and ever increasingly vulnerable methods.
For further information on SmartMetric and its technology please go to www.smartmetric.com. For information on the SmartMetric™ MedicalKeyring™ please go to www.medicalkeyring.com
Safe Harbor Statement Certain of the above statements contained in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors.